OPERA TERMS AND CONDITIONS

The use of the Offers and Prospectuses Electronic Repository and Access web site ("OPERA") shall be subject to the terms and conditions set out below (collectively referred to as "Terms of Use").

General
- 1. The Terms and Conditions of Use (except the section on Links to OPERA from other web sites) and Privacy Statement of the Monetary Authority of Singapore ("MAS") web site shall apply, mutatis mutandis, to the use of OPERA as if it were set out herein, but with the references to "this Web Site" in the MAS web site being replaced with "OPERA". If you perform a transaction through OPERA’s Business Trusts E-Services and Take-overs and Mergers, the "Additional Terms and Conditions for Performing a Transaction through Business Trusts EServices and the Take-overs and Mergers module" below will also apply to you in relation to your transaction.
- 2. By accessing and using any part of OPERA, you shall be deemed to have agreed to be legally bound by the Terms of Use. If you do not agree to the Terms of Use, please do not use OPERA.
- 3. The Terms of Use may be changed from time to time and your use of OPERA after such changes have been posted on the MAS web site or OPERA will constitute your agreement to the modified Terms of Use.
- Restrictions on Use of Materials
  - 4. Prospectuses and profile statements which have been lodged with but have not been registered by MAS are published on OPERA only for the purpose of inviting comments thereon by the public. They are not meant to be and should not be used for making any investment decision. Securities cannot be offered and applications for securities cannot be accepted unless the prospectus or profile statement is registered by MAS and other requirements provided in the Securities and Futures Act (Cap 289) (the “SFA”) have been complied with.
- Disclaimer of Warranties and Liability
  - 5. The lodgment with or registration by MAS of an offer document does not imply that the relevant legal and regulatory requirements have been complied with. An offer document refers to a document lodged with MAS pursuant to the SFA and regulations issued thereunder, and which is published on OPERA; an offer document would include a prospectus, profile statement, replacement document, supplementary document and abridged prospectus.
  - 6. MAS has not, in any way, considered the merits of any security being offered or in respect of which an invitation is being made. The contents of OPERA do not constitute advice on the merits of any offer or invitation. Neither should the publication of any offer document on OPERA be taken as a recommendation or endorsement by MAS of any offer or invitation made therein. If advice on any offer or invitation is needed, the services of a competent professional should be sought.
  - 7. The offer documents and all additional information on the offers or invitations made therein which are published on OPERA are provided by offerors and their advisers. MAS does not warrant and hereby disclaims any warranty as to accuracy, or fitness for any particular purpose, of the contents of such offer documents and additional information. MAS does not warrant and hereby disclaims any warranty that OPERA will contain all the information investors need to determine the merits of any offer or invitation. MAS shall not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of any information or data contained in OPERA, including but not limited to any damages or loss suffered as a result of reliance on the information or data contained in or available on OPERA.
  - 8. The status of an offer document or a collective investment scheme ("CIS") is indicated in OPERA for information only. Such indication does not constitute an official confirmation of the status of the offer document or CIS. MAS will notify offerors on any regulatory decision taken in respect of an offer document or CIS.
  - 9. The lodgment with MAS of Forms 1, 2 or 3 or any documents pursuant to the Business Trusts Act (Cap. 31A) and regulations issued thereunder does not imply that the relevant legal and regulatory requirements have been complied with. MAS will notify trustee-managers or their advisers on any regulatory decision taken in respect of the registration of a business trust and lodgment of Forms 1, 2 and 3 and other documents.
  - 10. The particulars of and documents lodged for each business trust which may be accessed on OPERA are provided by trustee-managers and their advisers. MAS does not warrant and hereby disclaims any warranty as to accuracy, or fitness for any particular purpose, of the particulars of the business trusts and the contents of such documents. MAS shall not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of any information or data contained in OPERA, including but not limited to any damages or loss suffered as a result of reliance on the information or data contained in or available on OPERA.
  - 11. The lodgment with the Securities Industry Council (“SIC”) of Form 1 or any documents pursuant to the Singapore Code on Take-overs and Mergers does not imply that the relevant legal and regulatory requirements have been complied with. SIC will notify offerors, offerees or their advisers of any regulatory decision taken in respect of the lodgment of Form 1 and other documents.
  - 12. The particulars of and documents lodged for each take-over or merger transaction which may be accessed on OPERA are provided by the offerors, offerees and their advisers. MAS and SIC do not warrant and hereby disclaim any warranty as to accuracy, or fitness for any particular purpose, of the particulars of each take-over or merger transaction and the contents of such documents. Neither MAS nor SIC shall be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of any information or data contained in OPERA, including but not limited to any damages or loss suffered as a result of reliance on the information or data contained in or available on OPERA.
- Links to OPERA from other web sites
  - 13. Caching and links to, and the framing of OPERA or any of its contents are prohibited, unless the link is to or the framing is of the Home Page of OPERA and is carried out only upon notifying MAS in writing.
  - 14. Your linking to, or your framing of, the OPERA Home Page constitutes acceptance of these Terms of Use. This is deemed to be the case even after the posting of any changes or modifications to these Terms of Use. If you do not accept these Terms of Use, you must discontinue linking to, or framing of, the OPERA Home Page.
  - 15. In no circumstances shall MAS or SIC be considered to be associated or affiliated in whatever manner with any trade or service marks, logos, insignia or other devices used or appearing on web sites that link to or frame the OPERA Home Page.
  - 16. MAS reserves all rights to disable any links to or frames of any site containing inappropriate, profane, defamatory, infringing, obscene, indecent or unlawful topics, names, material or information, or material or information that violates any written law, any applicable intellectual property, proprietary, privacy or publicity rights.
  - 17. MAS reserves all rights to disable any unauthorised links to or frames of any site and disclaims any responsibility for the content available on any site reached by links to or from OPERA or any of the contents.
- Additional Terms and Conditions for Performing a Transaction through Business Trusts E-Services and the Take-overs and Mergers module
  - Obligations
  - 18. You agree:
    - a. to follow and accept all instructions and information in OPERA when performing a transaction.
    - b. to provide information which is true, current, complete and accurate when performing a transaction.
    - c. not to perform any speculative, false or fraudulent transaction.
    - d. to pay all applicable fees in respect of your transaction.
  - Right of Rejection
  - 19. MAS and SIC reserves the right to cancel or reject your transaction without refund or paying any compensation to you if any transaction details or communication you have provided is not current, incomplete, inaccurate, or false.
  - Liability
  - 20. Neither MAS nor SIC shall be liable for any loss, injury, claims, actions, costs or other damage:
    - a. arising from or incidental to your performing a transaction or communications made through OPERA (including non-receipt by MAS or SIC of your application, delay in operation or transmission, communications failure, internet access difficulties or malfunctions in equipment or software) unless such loss, injury, claims, actions, costs or other damage arises from gross negligence or wilful default on the part of MAS or SIC, in which case MAS or SIC will only be liable for direct losses incurred by you; or
    - b. arising from the failure or delay on the part of MAS or SIC in performing any or all of its obligations if such failure or delay is due to circumstances or causes beyond its reasonable control.
  - 21. Where appropriate, MAS and SIC will use available technology to protect the security of transactions and communications made through OPERA. However, MAS and SIC does not accept responsibility for the authenticity or integrity of any transactions or communications made through OPERA.
  - Variation
  - 22. MAS may vary these Additional Terms and Conditions at any time without prior notice to you. MAS or SIC will provide notice of any variation to these Additional Terms and Conditions within 14 days of such variation.
- Governing Law
  - 23. These Terms of Use, and where applicable, the Additional Terms and Conditions for Performing a Transaction through Business Trusts E-Services and the Take-overs and Mergers module, shall be governed by and construed in accordance with the laws of Singapore.
- - (Last updated on 3 Dec 2012)